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Benzinga
Benzinga
Business
The Bamboo Works

Cobalt Miner CMOC's Profit Doubles on Heating Demand for EVs

CMOC DRC Kenny Wen

Key takeaways: 

  • CMOC’s profit and revenue rose 119% and 53.9% last year, respectively, as cobalt prices rose sharply on strong demand from EV battery makers
  • Company has faced recent difficulties with an important mine in the DRC, where it suspended operations after a local partner accused it of royalty evasion
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